Best LBO investor in vertical SaaS companies?

Among tech PE firms, which ones would you consider to be the best investors in vertical SaaS companies, and why? Would love to hear your thoughts, thanks!

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Comments (13)

Oct 14, 2019 - 1:06am

Constellation isn't even a fund, is a publicly traded diversified software company that is predominantly a value buyer of small software companies.

IGSB as in the investor group of Santa Barbara? Tell me about a few of the major tech LBOs they've done recently.

Vista and Thoma are the big ones. Lots of other funds are starting to raise some significantly sized growth buyout types of funds, AKKRs, Great Hill, Francisco etc, but nothing as splashy as the first two.

Oct 14, 2019 - 6:53pm

OP said LBO PE... Constellation is a publicly traded conglomerate comparable to Berkshire in that they invest off a hurdle rate. A 2 second look at their financials you can clearly see they're not applying leverage to do that. Not even remotely comparable to TB/Vista in how they invest, just that they also focus on VMS

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Oct 13, 2019 - 10:03pm

Would be interesting to see how TB and Vista portcos perform in the recession. These guys started to be on everyone's radar 5-7 years ago

Array
Oct 11, 2020 - 3:06pm

We've seen how they performed through the recession. Vista began in '00 and first vintage to mainstream LPs was '07. Returns were phenomenal on both through that time period, so much so that RFS was quoted: "Software is better than first lien debt". They also were very successful at fund raising during that period.

Array

Oct 15, 2019 - 11:44am

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